Umicore

Earnings Release • Jul 30, 2013

Press release Regulated information 30 July 2013 - 07:30 CET CP-2013-26-R

HALF YEAR RESULTS 2013

Highlights

Umicore's revenues were stable compared to the first half of 2012 with an increase in Catalysis and Energy Materials offset by a decrease in Recycling. Recurring EBIT in the period was down 15% year on year due to a less favourable product and regional mix and the impact of lower metal prices on recycling margins.

• Revenues of € 1.2 billion (down 0.6%);
• Recurring EBITDA of € 240 million (down 10%);
• Recurring EBIT of € 163 million (down 15%);
• ROCE of 14.5% versus 17.4% in the first half of 2012;
• Recurring net profit (Group share) of € 115 million (down 21%);
• Recurring EPS of € 1.02 (down 22%).

Compared to the second half of last year, revenues were up by 4%, pointing to a stabilisation in many product end-markets.

While taking steps to improve margins, Umicore remains committed to invest in its longer term growth programmes. Capital expenditures were € 120 million, with increases in Energy Materials and Recycling. Research & Development expenditure was stable at € 91 million.

Net cashflow was positive, leading to a reduction of net debt to € 190 million, corresponding to a gearing ratio of 9.6%.

Umicore bought back 758,311 of its shares in the first half of the year. In line with the dividend policy an interim dividend of € 0.50 per share will be paid out in September. The amount corresponds to half the annual dividend declared for the financial year 2012.

Outlook

Full year recurring EBIT is expected to remain within the previously provided range of € 300 to € 330 million.

Note: All comparisons are made with the first half year of 2012, unless mentioned otherwise.

Umicore Group Communications

Naamloze vennootschap / Société anonyme phone: +32 2 227 71 11 VAT: BE0401 574 852 Broekstraat 31 Rue du Marais fax: +32 2 227 79 00 company number: 04001574852 B-1000 Brussels e-mail: info@umicore.com registered office: Broekstraat 31 Rue du Marais Belgium website: www.umicore.com B-1000 Brussels

Key figures	H1	H2	H1
(in million €)	2012	2012	2013
Turnover	6,853.8	5,694.2	5,390.0
Revenues (excluding metal)	1,240.6	1,186.9	1,233.1
Recurring EBITDA	266.2	257.9	240.3
Recurring EBIT	191.5	180.6	162.9
of which associates	11.4	10.9	6.1
Non-recurring EBIT	(21.7)	(25.0)	(22.8)
IAS 39 effect on EBIT	1.0	2.2	(6.1)
Total EBIT	170.9	157.7	134.0
Recurring EBIT margin	14.5%	14.3%	12.7%
Average weighted interest rate	2.37%	1.46%	1.27%
Effective recurring tax rate	19.01%	22.38%	23.26%
Recurring net profit, Group share	145.9	129.3	114.6
Net profit, Group share	128.1	105.3	89.1
R&D expenditure	90.2	91.9	90.7
Capital expenditure	94.6	158.9	119.9
Net cash flow before financing Total assets of continued operations, end of period Group shareholders' equity, end of period Consolidated net financial debt of continued operations, end of period Gearing ratio of continued operations, end of period	77.0 3,750.3 1,738.4 255.5 12.5%	73.3 3,667.9 1,751.7 222.5 11.0%	105.4 3,649.1 1,737.8 190.1 9.6%
Average net debt / recurring EBITDA	49.0%	46.3%	42.9%
Capital employed, end of period	2,234.9	2,259.4	2,236.1
Capital employed, average	2,201.8	2,247.1	2,247.8
Return on Capital Employed (ROCE)	17.4%	16.1%	14.5%
Workforce, end of period	14,876	14,438	14,280
of which associates	4,462	4,042	3,997
Accident frequency rate	3.55	2.14	2.70
Accident severity rate	0.11	0.07	0.08

Key figures per share	H1	H2	H1
(in €/share)	2012	2012	2013
Total number of issued shares, end of period	120,000,000	120,000,000	120,000,000
of which shares outstanding	111,767,387	111,886,512	111,414,413
of which treasury shares	8,232,613	8,113,488	8,585,587
Average number of shares outstanding basic diluted	111,391,620 112,174,207	111,792,198 112,544,805	111,920,444 112,466,665
Recurring EPS	1.31	1.16	1.02
Basic EPS	1.15	0.94	0.80
Diluted EPS	1.14	0.94	0.79
Dividend*	0.50	0.50	0.50
Net cash flow before financing, basic	0.69	0.66	0.94
Total assets of continued operations, end of period	33.55	32.78	32.75
Group shareholders' equity, end of period	15.55	15.66	15.60

* Interim dividend for H1 and difference with full year dividend for H2.

Segment split

CATALYSIS

Catalysis key figures	H1	H2	H1
(in million €)	2012	2012	2013
Total turnover	968.8	903.1	1,068.1
Total revenues (excluding metal)	452.8	413.4	466.1
Recurring EBITDA	65.6	58.7	62.9
Recurring EBIT	48.7	42.2	44.4
of which associates *	4.7	5.9	1.4
Total EBIT	45.3	38.5	44.5
Recurring EBIT margin	9.7%	8.8%	9.2%
R&D expenditure	49.2	50.0	50.5
Capital expenditure	37.8	51.0	34.6
Capital employed, end of period	813.4	795.5	806.7
Capital employed, average	790.8	804.5	801.1
Return on Capital Employed (ROCE)	12.3%	10.5%	11.1%
Workforce, end of period	2,285	2,281	2,307
of which associates *	247	161	164

* Automotive Catalysts: Ordeg Korea, ICT Co. Japan (until September 2012), ICT Inc. USA (until September 2012)

Overview

Revenues were up for the business group as a result of volume growth and the first time consolidation of Umicore Shokubai Japan, more than offsetting lower pass-through costs. Recurring EBIT was 9% lower, due to a less favourable product and regional mix in Automotive Catalysts.

Automotive Catalysts

Car production worldwide was stable in the first half of the year, with growth in China, South America, and to a lesser extent North America, offsetting a decrease in Europe, South Korea and especially Japan. On balance, this development resulted in a production decrease in those regions with the most stringent emission standards. Umicore's catalyst sales volumes were slightly up compared to the car market, overall. Margins were negatively impacted by the above mentioned mix effect.

In Europe car production further decreased by 4%. The purchasing trend towards smaller vehicles continued and the share of diesel cars produced was down to some 44% of the total market. Umicore's sales volumes were lower than in the first half of 2012, but somewhat better than car production figures due to an exposure to better selling vehicles.

North American car production was up 4%, with small and medium-sized vehicles gaining market share, which favoured Japanese OEMs. Umicore's sales volumes were at the same level as in the first half of 2012, as a result of its engine platform exposure. In South America car production was up 15% and Umicore's sales volumes grew in line with the market.

Overall Asian car production figures were up. In China the automotive industry continued to grow, with some 12% more cars produced year on year. Umicore's catalyst sales volumes in China grew slightly faster than the market. In South Korea and Japan, car production was down by respectively 3% and 13%. Umicore outperformed the market in both

countries with stable sales volumes in South Korea and an increase in Japan. Umicore is successfully developing the business relationship with Japanese car manufacturers through its new joint-venture Umicore Shokubai.

Umicore is adding production capabilities in Onsan, South Korea, to be commissioned end of 2013. Commissioning of production equipment has started at Umicore's newly opened plant in Bad Säckingen, Germany. This additional capacity is needed to supply customers with catalysts that meet the upcoming Euro 6 standard for light duty diesel vehicles. The technology development centres in Japan and Brazil are due to be commissioned in the second half of the year.

The first dedicated HDD production line in Florange, France, was commissioned and production is due to ramp up in the course of 2014 as Euro VI standards come into force. Meanwhile the construction of a second production line has started on the same site. The HDD production facility which is under construction in Suzhou, China, is due to be commissioned by the end of the year with production starting in 2014.

Precious Metals Chemistry

Although sales volumes were up compared to the first half of 2012, revenues were stable as a result of a somewhat less favourable product mix. Lower demand for catalysts used in life science applications was offset by a higher order level from the bulk chemical sector. Sales of platinum-containing APIs (Active Pharmaceutical Ingredients) are growing, with new contracts secured outside South America, which so far had been Umicore's main market for these products. The set-up costs related to the new facility in Tulsa, Oklahoma, and the development of a new product line for MOCVD (Metal Organic Chemical Vapour Deposition) applications, mainly used in the semiconductor industry, weighed on the earnings.

ENERGY MATERIALS

Energy Materials key figures	H1	H2	H1
(in million €)	2012	2012	2013
Total turnover	390.4	373.3	402.9
Total revenues (excluding metal)	183.6	182.8	199.5
Recurring EBITDA	30.4	20.1	26.9
Recurring EBIT	14.4	3.8	12.0
of which associates *	2.4	1.8	1.7
Total EBIT	9.9	(21.2)	12.0
Recurring EBIT margin	6.5%	1.1%	5.2%
R&D expenditure	8.5	8.8	8.0
Capital expenditure	15.6	41.8	34.0
Capital employed, end of period	483.5	476.3	479.2
Capital employed, average	470.5	479.9	477.7
Return on Capital Employed (ROCE)	6.1%	1.6%	5.0%
Workforce, end of period	2,989	2,933	2,870
of which associates *	1,097	1,057	1,059

* Cobalt & Specialty Materials: Ganzhou Yi Hao Umicore Industries Co. Ltd., Todini and Co.; Rechargeable Battery Materials: Jiangmen Chancsun Umicore Industry Co. Ltd., beLife

Overview

Revenues were up 9% due mainly to growth in Rechargeable Battery Materials. In most other activities the market conditions observed in the second half of 2012 continued to prevail. While recurring EBIT was down € 2 million year on year, profitability has started to recover from the lows of the second half of 2012, primarily as a result of cost reductions.

Cobalt & Specialty Materials

Higher refining and recycling volumes for both cobalt and nickel led to higher revenues for the business unit. The earnings were affected by lower average premiums, partially linked to product mix effects.

Despite higher sales volumes in the Ceramics & Chemicals activity, revenues remained stable due to a shift in the product mix. Sales of nickel salts, which are mainly used in plating applications, were up, while sales of cobalt salts were stable. The uptake of new products, such as the more eco-efficient cobalt polymers, was strong.

Overall sales volumes in Tool Materials were in line with those of the first half of 2012. Volume growth in China offset a decrease in demand from the European and North American construction markets. This regional shift had an adverse effect on average premiums, however.

Electro-Optic Materials

The further weakening of end markets negatively impacted revenues. The cost reduction measures initiated in 2012 had a positive impact on earnings.

The demand for germanium blanks used in infrared optics remained sluggish and this situation was exacerbated by growing competitive pressure from

China. Sales of finished optics were stable while orders for germanium tetrachloride from the optical fibre industry increased.

Sales volumes of germanium substrates were down due to the weakness of the terrestrial concentrator photovoltaics sector and demand for germanium used in LEDs was also lower linked to the rising germanium price. Deliveries of wafers for space photovoltaics were up, however.

The higher germanium price led to a higher intake of germanium-containing residues and primary materials.

Rechargeable Battery Materials

Sales volumes and revenues were up year on year. The overall Li-ion battery market continued to grow, while market conditions remained very competitive.

Strong sales of high-end portable electronics, such as tablets and smartphones, further supported the demand for high energy density cathode materials. Umicore has a technological leadership in this LCObased (lithium cobaltite) material. It has to be noted though that growth patterns in this end-consumer segment tend to be somewhat erratic. The demand for NMC (nickel-manganese-cobalt) cathode materials was down, however, as the sales of notebook PCs, which tend to employ this type of cathode material in the battery, continued to decline.

Sales of hybrid and electric cars are gradually increasing. The underlying long term trend for the electrification of the car remains positive. Umicore is well represented in current electrified platforms and continued to strengthen its position for upcoming platforms.

The capacity expansion project for cathode materials in South Korea was successfully completed and product shipments have started. The construction of the precursor production facility in South Korea and the cathode materials expansion in China are on-track with commissioning planned later in the year.

Thin Film Products

Revenues for Thin Film Products increased year on year and the business performance started to reflect the production footprint adjustments and related fixed cost reductions that were introduced at the end of 2012.

Sales volumes for ITO (Indium Tin Oxide) rotary targets continued to benefit from increasing demand in the touch panel industry and was further driven by new projects for larger area displays in Asia. The revenues for the optics and electronics activities reflected subdued demand and higher competitive pressure.

PERFORMANCE MATERIALS

Performance Materials key figures	H1	H2	H1
(in million €)	2012	2012	2013
Total turnover	778.4	730.0	747.4
Total revenues (excluding metal)	267.2	256.2	263.2
Recurring EBITDA	44.8	38.2	43.0
Recurring EBIT	30.8	23.7	28.6
of which associates *	5.4	4.6	4.0
Total EBIT	30.6	26.5	13.7
Recurring EBIT margin	9.5%	7.5%	9.3%
R&D expenditure	11.7	12.2	11.6
Capital expenditure	10.7	18.6	12.7
Capital employed, end of period	602.2	573.0	572.0
Capital employed, average	587.1	587.6	572.5
Return on Capital Employed (ROCE)	10.5%	8.1%	10.0%
Workforce, end of period	5,997	5,629	5,565
of which associates *	3,069	2,775	2,725

* Zinc Chemicals: Rezinal; Building Products: Ieqsa; Element Six Abrasives

Overview

Revenues and recurring EBIT for Performance Materials were slightly down year on year, mainly as a result of lower performance in Building Products.

Building Products

Sales volumes were below the levels of last year despite some improvement in demand in the second quarter. Revenues were also down as higher premiums could not fully compensate the effect of lower sales volumes.

Sales volumes and revenues were most affected in central and southern Europe due to the sharp downturn in the building industry in these regions and the long and severe winter conditions in the main markets of France, Germany and Belgium. Demand in the overseas markets showed further increases.

Electroplating

Revenues were up, driven by stable or increasing order levels in the different product groups. The higher sales volumes more than offset pressure on pricing caused by intensified competition.

Sales of Umicore's silver plating solutions for LEDs continued to benefit from growing customer demand. The demand for precious metal products used in printed circuit boards started to pick up again.

While the overall market of fashion jewellery remained stable, Umicore grew in this market due to its specific customer exposure and the successful introduction of new protective coating solutions for silver jewellery. Demand for non-precious-metalbased plating solutions for decorative applications, such as the plating of buttons, remained stable.

Platinum Engineered Materials

Revenues were stable year on year and the business unit started to benefit from cost reduction measures and production efficiency improvement programs.

Revenues for performance catalysts increased, driven by a solid demand for platinum gauzes used in the fertilizer and chemical intermediates industries. Lower metal prices also had a positive impact on overall demand.

Demand for glass industry applications was slightly down, linked to the project nature of this business. Certain Asian manufacturers of high-purity glass for display applications have delayed some of their investment projects.

Technical Materials

Revenues were stable with an increase in contact and power technology materials offset by a decrease in brazing alloys.

Overall demand for brazing alloys was impacted by reduced economic activity in Europe and the Americas and intensified competition from local players in China. Sales volumes for the European tooling market remained stable.

Sales of contact and power technology materials were supported by increasing demand from the North American market for products used in low voltage applications. While demand from the electrical equipment industry in Europe picked up in recent months, it was still lower than the relatively strong demand that was observed in the first part of last year. Sales in China were stable with an increase in demand for electrical distribution systems being offset by a lower demand for low voltage applications.

Zinc Chemicals

Revenues for the business unit were slightly up year on year, mainly as a result of higher revenues for zinc battery materials.

Demand for fine zinc powders used in anti-corrosive paint improved, primarily driven by Asian demand where the level of industrial investments remained high. Demand in North America improved slightly and sales in the South American market continued to make progress.

In Europe, sales volumes for zinc oxide were down due to lower order levels for animal feed and rubber applications. Production in India is gradually increasing to meet growing order volumes from the tyre industry. North American demand for wood protection paints is picking up.

Sales volumes of zinc powders used in primary batteries increased considerably compared to a relatively weak performance in the first half of last year. While global demand for alkaline batteries remained stable, Umicore benefited from customer wins and market share gains in Europe and China.

The galvanizing industry in Europe continued to operate at low levels thereby reducing the availability of zinc containing residues and increasing pressure on overall recycling margins.

Element Six Abrasives

Overall revenues and volumes for the first half were below those of the prior year reflecting a general weakness in different end-markets.

Revenues for Advanced Materials decreased, despite a pick up of sales in the second quarter for the precision machining business, with higher order levels for cutting tools used in the automotive market.

Demand for Oil & Gas products remained stable year on year in a flat and competitive market.

While revenues for Hard Materials were down year on year, demand for Element Six Abrasives' road building tools improved in a flat market. The business benefited from its well executed niche strategy and its good customer exposure in the road construction market.

Element Six Abrasives announced the intention to discontinue production at its Advanced Materials plant in Suzhou, China. Element Six recently opened its new Global Innovation Centre in Oxford, UK.

RECYCLING

Recycling key figures	H1	H2	H1
(in million €)	2012	2012	2013
Total turnover	5,314.4	4,275.2	3,776.0
Total revenues (excluding metal)	342.0	339.2	307.4
Recurring EBITDA	144.6	161.6	126.8
Recurring EBIT	121.9	136.9	102.5
Total EBIT	114.3	137.5	98.4
Recurring EBIT margin	35.6%	40.3%	33.3%
R&D expenditure	9.9	10.4	10.6
Capital expenditure	26.6	41.2	32.9
Capital employed, end of period	264.1	327.3	323.3
Capital employed, average	292.7	295.7	325.3
Return on Capital Employed (ROCE)	83.3%	92.6%	63.0%
Workforce, end of period	2,408	2,394	2,366

Overview

Recycling revenues were down 10% year on year primarily due to the effect of lower metal prices. Recurring EBIT was down 16% compared to the first half of 2012 due to lower metal prices and higher project costs.

Precious Metals Refining

Revenues were down year on year as a result of the impact of lower metal prices. Refining charges were up, however, mainly as a result of higher processed volumes.

The intake of residues from the non-ferrous metal industry increased. Although this market continues to be dynamic and competitive, the unique flexibility of Umicore's recycling process allows to continuously optimise the supply mix. Over the period, Umicore has secured new supply contracts which expand and strengthen the portfolio.

The intake of end-of-life materials was lower than in the first half of 2012. Competition increased on the escrap market, in particular for low grade materials, following recent capacity expansion at competitors. Umicore remains most competitive in the higher end of this segment and managed to improve average recycling charges. The recycling market for spent automotive catalysts remained subdued, while the availability of used industrial catalysts was stable.

Most metal prices decreased significantly in the period. The effect on Umicore's margins was mitigated by Umicore having locked-in certain precious metal prices in previous periods. The severe price decline of certain specialty metals, which are not hedgeable, had an immediate impact on earnings.

The previously announced investment projects to gradually debottleneck the Hoboken site in Belgium are on track. The second phase of the upgrade and expansion of the site's sampling operations is due to be finalised in 2014. The new biological water treatment facility, as well as the enhanced gas cleaning equipment for the lead installations, are planned to be commissioned in the second half of the year.

Precious Metals Management

The business unit recorded lower revenues year on year, despite a relatively high volatility on the precious metals markets.

Industrial demand for precious metals was mixed. While the sales volumes of some metals benefited from the downward trend in prices, the physical deliveries for other metals were impacted by reduced European activity levels. The lower gold and silver prices were seen as an attractive entry point again for some investors, thereby increasing the demand for investment bars.

Battery Recycling

Umicore continues to collect spent rechargeable batteries and intensify its collaboration with (hybrid) electric vehicle manufacturers for the processing of their spent batteries. This resulted in additional contracts and reinforces the long term business opportunity for Umicore.

Jewellery & Industrial Metals

Revenues for the business unit were down year on year, mainly as a result of a lower contribution from the recycling activities.

Refining volumes in Europe were lower year on year as the declining metal prices reduced the availability of gold and silver containing residues. The lower metal prices also impacted the recycling margins. Umicore's silver recycling activities in Thailand continued to grow and Umicore is positioning itself to serve a broader range of customers in Asia from this location. The expansion of silver recycling capacity in Pforzheim, Germany, is ongoing and is scheduled to be completed by 2015.

The lower metal prices drove increased investor demand for gold and silver bars. The sales volumes of cast silver products also benefited from the new onstream capacity to produce LBMA (London Bullion Market Association) accredited ingots. Order levels for silver coin blanks were lower year on year.

Demand for silver-based industrial products was further impacted by limited order levels from the solar industry. The sales volumes of silver products used in chemical catalysts and electrical applications remained stable.

Sales volumes in the jewellery sector were level year on year, as the demand for products used in the silver-based fashion segment offset a more subdued demand for gold and pgm-based products used in luxury jewellery.

CORPORATE & GROUP ITEMS

Corporate key figures	H1	H2	H1
(in million €)	2012	2012	2013
Recurring EBITDA	(19.3)	(20.8)	(19.4)
Recurring EBIT	(24.3)	(26.0)	(24.5)
of which associates *	(1.1)	(1.3)	(1.1)
Total EBIT	(29.2)	(23.6)	(34.6)
R&D expenditure	10.9	10.4	10.0
Capital expenditure	3.7	6.4	5.5
Capital employed, end of period	71.6	87.3	54.9
Capital employed, average	60.7	79.5	71.1
Workforce, end of period	1,197	1,201	1,172
of which associates *	49	49	49

* SolviCore

Corporate overview

Overall corporate costs remained at the same level as in 2012.

Research & development

R&D expenditure was largely stable in all business groups, with both product and process development continuing at a high pace. The total expenditure was € 91 million, corresponding to 6.8% of revenues (excluding the associates' expenditures of € 7 million). Capitalised development costs accounted for € 8 million in the total amount.

Social aspects

The total number of employees decreased from 14,438 employees at the end of 2012 to 14,280 at the end of June 2013. The number of employees in the fully consolidated companies decreased by 113, mainly as a result of restructuring measures which were implemented in Energy Materials. The number of employees in associated companies was reduced by 45 mainly due to footprint adjustments in Element Six Abrasives.

The number of lost time accidents was 23 in the first half of the year. This represented an accident frequency of 2.70 (compared to 2.86 in 2012) and a severity rate of 0.08 (compared to 0.11 in 2012). The initiatives taken to make Umicore a zero accident workplace are mostly focused on those business units with a weaker safety track record and address behavioural aspects of safety.

FINANCIAL REVIEW

Non-recurring items and IAS 39

Non recurring items had a negative impact of € 23 million on EBIT. Restructuring charges accounted for € 11 million and are mainly linked to the intended closure of Element Six Abrasives' synthetic diamond plant in Suzhou, China. Umicore also booked additional environmental provisions of € 8 million related to the remediation of historical pollution on site surroundings. Impairments on permanently tiedup metal inventories accounted for € 1 million triggered by lower metal prices. The impact of nonrecurring charges on the net result (Group share) was € 21 million.

IAS 39 accounting rules had a negative effect of € 6 million on EBIT and € 5 million on net result (Group share). The impact concerns timing differences imposed by IFRS that relate primarily to transactional and structural metal and currency hedges. All IAS 39 impacts are non-cash in nature.

Financial results and taxation

Net recurring financial charges totalled € 11 million, slightly up compared to the first half of 2012. Net negative foreign exchange results offset the effect of lower net interest. The average weighted interest rate decreased to 1.27%.

The recurring tax charge for the period amounted to € 34 million. The overall recurring effective tax rate for the period was 23.3%, compared to 20.6% in 2012.

Cashflows

Net cashflow from operations was € 224 million, with net working capital requirements being largely stable over the period.

Capital expenditures totalled € 120 million, in line with average 2012 figure. This amount reflects large capacity expansion investments in Rechargeable Battery Materials and the ongoing expansion in Catalysis and Recycling.

Net cashflow before financing was positive at € 105 million.

Financial debt

At 30 June 2013 Umicore's net financial debt stood at € 190 million versus € 222 million at the start of the year. Group equity stood at € 1,785 million and the gearing ratio (net debt / net debt + equity) was 9.6%. The average net debt to recurring EBITDA ratio stood at 0.4x.

Dividend and shares

In line with the dividend policy, the Board of Directors has approved an interim dividend of € 0.50 per share, corresponding to half the annual dividend declared for the financial year 2012. This will be paid out on 5 September 2013.

On 30 June 2013 Umicore held 8,585,587 of its own shares in treasury, or 7.15% of the total issued shares. The difference with the 8,113,448 shares held at the start of the year, is the net result of the 758,311 shares bought back in the market in 2013 and the exercise of stock options in the period. At 29 July 2013 Umicore held 8,584,837 shares in treasury.

Statutory auditor's report on review of consolidated condensed interim financial information for the period ended on 30 June 2013

Introduction

We have reviewed the accompanying consolidated balance sheet of Umicore, a company incorporated in Belgium in the form of a société anonyme/naamloze vennootschap, and its subsidiaries as of 30 June 2013 and the related consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in the equity of the group and the consolidated cash flow statement for the six-month period then ended, as well as the explanatory notes. The board of directors is responsible for the preparation and presentation of this consolidated condensed financial information in accordance with IAS 34, as adopted by the European Union. Our responsibility is to express a conclusion on this consolidated condensed financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated condensed financial information is not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.

Sint-Stevens-Woluwe, 29 July 2013

The statutory auditor PwC Bedrijfsrevisoren BCVBA/Reviseurs d'Entreprises SCCRL Represented by

Marc Daelman Emmanuèle Attout Bedrijfsrevisor/Réviseur d'entreprises Bedrijfsrevisor/Réviseur d'entreprises

Management responsibility statement

I hereby certify that, to the best of my knowledge, the consolidated condensed interim financial information for the period ended on 30 June 2013, prepared in accordance with the IAS 34 "Interim Financial Reporting", as adopted by the European Union, and with legal requirements in Belgium, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole for the period ended 30 June 2013. The commentary on the overall performance of the Group from page 1 to 13 includes a fair review of the development and performance of the business and the position of the Group and its undertakings included in the consolidation as a whole.

Brussels, 29 July 2013

Marc Grynberg Chief Executive Officer

CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED ON 30 JUNE 2013

Consolidated income statement (in thousand €)	H1 2012	H2 2012	H1 2013
Turnover	6,853.8	5,694.2	5,390.0
Other operating income	32.5	30.1	29.1
Operating income	6,886.3	5,724.3	5,419.1
Raw materials and consumables	(6,060.7)	(4,935.5)	(4,616.6)
Payroll and related benefits	(369.2)	(347.8)	(365.6)
Depreciation and impairments	(85.3)	(96.4)	(77.8)
Other operating expenses	(211.0)	(199.4)	(217.0)
Operating expenses	(6,726.2)	(5,579.0)	(5,276.9)
Income (loss) from other financial assets	0.2	0.8	(3.2)
Result from operating activities	160.3	146.1	139.0
Financial income	2.1	1.2	3.1
Financial expenses	(13.3)	(10.6)	(8.8)
Foreign exchange gains and losses	(3.5)	(6.8)	(6.1)
Share in result of companies accounted for using the equity method	10.6	11.6	(5.0)
Profit (loss) before income tax	156.1	141.5	122.2
Income taxes	(25.7)	(34.0)	(30.0)
Profit (loss) of the period	130.4	107.5	92.2
of which minority share	2.3	2.1	3.1
of which Group share	128.1	105.3	89.1
(in € / share)
Total basic earnings per share	1.15	0.94	0.80
Total diluted earnings per share	1.14	0.94	0.79
Dividend per share	0.50	0.50	0.50

Consolidated statement of comprehensive income (in thousand €)	H1 2012	H2 2012	H1 2013
Profit (loss) of the period	130.4	107.5	92.2
Changes in available-for-sale financial assets reserves Changes in cash flow hedge reserves Changes in post employment benefits, arising from changes in actuarial assumptions	(9.6) 5.5 (34.1)	(1.2) 1.9 (23.3)	(6.6) 12.7 (11.0)
Changes in deferred taxes directly recognized in other comprehensive income Changes in currency translation differences Other comprehensive income	8.5 11.4 (18.2)	6.5 (25.4) (41.6)	(1.1) (24.2) (30.3)
Total comprehensive income for the period of which minority share of which Group share	112.3 2.6 109.7	65.9 (0.6) 66.5	61.9 0.9 61.0

The deferred tax impact on the other comprehensive income is related to the cash flow hedge reserves for € –4.5 million and to post employment benefit reserves for € 3.5 million.

Consolidated balance sheet (in thousand €)	30 / 06 2012	31 / 12 2012	30 / 06 2013
Non-current assets	1,455.8	1,478.2	1,474.6
Intangible assets	194.9	200.9	202.8
Property, plant and equipment	882.2	912.3	935.2
Investments accounted for using the equity method	227.1	214.0	199.7
Available-for-sale financial assets	37.9	37.1	27.4
Loans granted	5.1	5.1	5.0
Trade and other receivables	15.9	17.0	16.4
Deferred tax assets	92.6	91.8	88.0
Current assets	2,294.5	2,189.7	2,174.5
Loans granted	4.4	5.0	5.0
Inventories	1,209.5	1,235.1	1,114.5
Trade and other receivables	952.2	788.4	927.0
Income tax receivables	21.2	29.9	23.1
Cash and cash equivalents	107.3	131.4	104.9
Total assets	3,750.3	3,667.9	3,649.1
Equity of the Group	1,787.5	1,805.8	1,785.4
Group shareholders' equity	1,738.4	1,751.7	1,737.8
Share capital and premiums	502.9	502.9	502.9
Retained earnings	1,521.1	1,577.7	1,611.3
Currency translation differences and other reserves	(56.1)	(102.0)	(128.3)
Treasury shares	(229.5)	(226.8)	(248.1)
Minority interest	49.1	54.1	47.6
Non-current liabilities	513.7	422.4	453.5
Provisions for employee benefits	233.2	259.0	274.6
Financial debt	113.5	2.9	22.6
Trade and other payables	15.2	13.9	13.6
Deferred tax liabilities	40.5	36.4	31.0
Provisions	111.4	110.3	111.7
Current liabilities	1,449.1	1,439.6	1,410.3
Financial debt	249.3	351.0	272.4
Trade and other payables	1,121.7	1,022.4	1,055.9
Income tax payable	33.9	35.5	46.9
Provisions	44.2	30.7	35.1
Total equity & liabilities	3,750.3	3,667.9	3,649.1

l d d f h i C t t t t o n s o a e s a e m e n o c a n g e s f i h i h t t t G n e e q u y o e r o u p ( ) in ho d € t us an	ha i l S ta re ca p & ium p re m s	Re se rve s	Cu rre nc y la io tra t & ns n he t o r re se rv es	Tre as ur y ha s res	ino i M ty r in te t re s	l To ta i ty eq u
f lan he be inn ing Ba 2 0 2 t t H 1 1 ce a g o	5 0 2. 9	1, 4 6 1. 0	( ) 4 3. 6	( ) 2 5 2. 8	5 4. 2	1, 7 2 1. 7
l f he d io Re t o t su p er he he fo he d ive inc io O t t r c om p re ns om e r p er l c he fo he d ive inc io To ta t om p re ns om e r p er	- - -	1 2 8. 1 - 1 2 8. 1	- ( ) 8. 1 4 ( ) 1 8. 4	- - -	2. 3 0. 2 2. 6	1 3 0. 4 ( ) 8. 2 1 1 1 2. 3
ha ha ba d p in C t r ng es s re- se ay me n es erv es de ds iv i D n fer Tra ns s ha ha C in tre ng es as ury s res ha in C ng es sco p e	- - - - -	- ( ) 6 7. 0 ( ) 0. 6 - ( ) 0. 4	5. 3 - 0. 6 - -	- - - 2 3. 3 -	- ( ) 6. 9 - - ( ) 0. 7	5. 3 ( ) 7 3. 9 - 2 3. 3 ( ) 2 1.
lan he d o f Ba t t H 1 2 0 1 2 ce a en	0 2. 9 5	2 1, 5 1. 1	( ) 6. 5 1	( ) 2 2 9. 5	9. 4 1	8 1, 7 7. 5
l f he d io Re t o t su p er he he fo he d ive inc io O t t r c om p re ns om e r p er fo l c he he d ive inc io To ta t om p re ns om e r p er	- - -	1 0 5. 3 - 1 0 5. 3	- ( ) 3 8. 8 ( ) 3 8. 8	- - -	2. 1 ( ) 2. 8 ( ) 0. 6	1 0 7. 5 ( ) 4 1. 6 6 5. 9
l i inc Ca ta p rea se de ds iv i D n fer Tra ns s ha ha in C tre es as s res ng ury ha in C ng es sco p e	- - - - -	- ( ) 5 5. 9 2 7. - -	- - ( ) 2 7. - -	- - - 2. 6 -	6. 3 - - - ( ) 0. 6	6. 3 ( ) 5 5. 9 - 2. 6 ( ) 0. 6
f lan he d o Ba t t H 2 2 0 1 2 ce a en	5 0 2. 9	1, 5 7 7. 7	( ) 1 0 2. 0	( ) 2 2 6. 8	5 4. 1	1, 8 0 5. 8

l d d f h i C t t t t o n s o a e s a e m e n o c a n g e s i h i f h t t t G n e e q o e r o p u y u ( ho d ) in t € us an	ha l i S ta re ca p & ium p re m s	Re se rve s	Cu rre nc y la io tra t & ns n he t o r re se rv es	Tre as ur y ha s res	ino i M ty r in te t re s	l To ta i ty eq u
lan he be in ing f Ba t t H 1 2 0 1 3 ce a g n o	0 2. 9 5	1, 5 7 7. 7	( ) 0 2. 0 1	( ) 2 2 6. 8	5 4. 1	8 0 8 1, 5.
l f he d io Re t o t su p er he he fo he d ive inc io O t t r c om p re ns om e r p er fo l c he ive inc he io d To ta t om p re ns om e r p er	- - -	8 9. 1 - 8 9. 1	( ) 2 8. 1 ( ) 2 8. 1	- - -	3. 1 ( ) 2. 2 0. 9	9 2. 2 ( ) 3 0. 3 6 1. 9
ha ha ba d p in C t r ng es s re- se ay me n es erv es l de i Ca ta p cre as e ha l in ing ic ies C t ng e ac co un p o de ds iv i D n ha ha C in tre ng es as ury s res	- - - - -	- - 0. 4 ( ) 5 5. 9 -	4. 3 - ( ) 2. 5 - -	- - - - ( ) 2 1. 2	- ( ) 8 5. - ( ) 1. 7 -	4. 3 ( ) 8 5. ( ) 2. 1 ( ) 5 7. 5 ( ) 2 1. 2
f lan he d o Ba 2 0 3 t t H 1 1 ce a en	5 0 2. 9	1, 6 1 1. 3	( ) 1 2 8. 3	( ) 2 4 8. 1	4 7. 6	1, 7 8 5. 4

Consolidated cashflow statement (in thousand €)	H1 2012	H2 2012	H1 2013
Profit from continuing operations	130.4	107.5	92.2
Adjustments for profit of equity companies	(10.6)	(11.6)	5.0
Adjustment for non-cash transactions	76.0	90.2	106.0
Adjustments for items to disclose separately
or under investing and financing cashflows	26.1	38.8	31.1
Change in working capital requirement	3.0	31.1	(0.4)
Cashflow generated from operations	224.9	256.0	234.0
Dividend received	9.1	17.9	5.3
Tax paid during the period	(55.5)	(38.3)	(15.3)
Government grants received	0.2	1.2	0.4
Net cashflow generated by (used in) operating activities	178.7	236.8	224.4
Acquisition of property, plant and equipment	(83.5)	(144.2)	(108.5)
Acquisition of intangible assets	(11.0)	(14.7)	(11.3)
Acquisition of new subsidiaries, net of cash acquired	-	(11.2)	-
Acquisition of / capital increase in associates	(0.5)	0.4	-
Acquisition in additional shareholdings in subsidiaries	(1.2)	-	-
Acquisition of financial assets	-	-	(0.2)
New loans extended	(7.3)	(0.3)	(0.1)
Sub-total acquisitions	(103.5)	(170.0)	(120.1)
Disposal of property, plant and equipment	1.3	1.7	0.9
Disposal of intangible assets	-	-	0.1
Disposal of subsidiaries and associates, net of cash disposed	0.2	1.9	-
Capital decrease in associates	-	2.4	-
Disposal of financial fixed assets	0.4	0.1	-
Repayment of loans	-	0.4	-
Sub-total disposals	1.8	6.5	1.1
Net cashflow generated by (used in) investing activities	(101.7)	(163.5)	(119.0)
Capital increase (decrease) minority	-	5.5	(5.8)
Own shares	23.3	2.6	(21.2)
Interest received	2.4	0.5	2.8
Interest paid	(12.9)	(3.1)	(2.8)
New loans and repayments	(3.0)	(13.8)	(57.1)
Dividends paid to Umicore shareholders	(68.6)	(53.9)	(59.3)
Dividends paid to minority shareholders	(6.7)	(0.2)	(1.7)
Net cashflow generated by (used in) financing activities	(65.4)	(62.3)	(145.1)
Effect of exchange rate fluctuations	(4.4)	12.7	13.2
Total net cashflow of the period	7.1	23.7	(26.5)
Net cash and cash equivalents at the beginning of the period	100.2	107.3	131.0
Net cash and cash equivalents at the end of the period	107.3	131.0	104.5
of which cash and cash equivalents	107.3	131.4	104.9
of which bank overdrafts	-	(0.4)	(0.4)

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED ON 30 JUNE 2013

Note 1: Basis of preparation

The condensed consolidated interim financial statements for the six months ended 30 June 2013 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

They do not include all the information required for full annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year 2012 as published in the 2012 Report to Shareholders and Society.

The condensed consolidated interim financial statements were authorised for issue by the Board of Directors held on 29 July 2013.

Note 2: Changes in accounting policies and presentation rules and impacts

The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statement for the year ended 31 December 2012, except as described below.

IAS 19 (revised) on Employee Benefits is effective for annual periods beginning on or after 1 January 2013 and was not early adopted by Umicore. IAS 19 (revised) has been applied as of June 30th, 2013. Based on calculations performed by the actuaries, it has been concluded that the impact of IAS 19 (revised) is not material and consequently the impact of EUR 2.1 million has been recorded in the statement of changes in equity of 2013 and no restatement has been applied on 2012.

Note 3: Segment information

d d f i i C t t H 1 2 0 1 2 s s o n e n e e g m e n n o r m a o n ( ) l l in i ion € m	ly is Ca ta s	En er g y ia ls Ma te r	fo Pe r r m an ce ia ls Ma te r	l ing Re cy c	Co te & rp or a l loc d Un te a a	l im ina io E t ns	l To ta
l s To ta t tu eg me n rno ve r f w h h e l ic te tu o rna rno ve r x f w h h ic in te t tu o r-s eg me n rno ve r	8. 8 9 6 9 5 4. 6 1 4. 1	3 0. 9 4 3 8 6. 7 3. 7	8. 7 7 4 6 9 7. 6 8 0. 8	3 5, 1 4. 4 4, 8 0 0. 6 5 1 3. 8	2 1 4. 1 4. 2 -	( ) 2. 6 1 4 - ( ) 6 1 2. 4	8 3. 8 6, 5 6, 8 5 3. 8 -
l s To ta t r eg me n ev en ue s f w h h e l re ic te o rna ve nu es x f w h h * ic in te t r o r-s eg me n ev en ue s	4 5 2. 8 2. 4 5 4 0. 4	1 8 3. 6 8 3. 6 1 -	2 6 7. 2 2 6 2 7. -	3 4 2. 0 3 3 7. 5 4. 5	- - -	( ) 4. 9 - ( ) 4. 9	1, 2 4 0. 6 2 0. 6 1, 4 -
Re ing B E I T cu rr f w fro h h l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	4 8. 7 4 4. 0 4. 7	1 4. 4 1 2. 0 2. 4	3 0. 8 2 5. 4 5. 4	1 2 1. 9 1 2 1. 9 -	( ) 2 4. 3 ( ) 2 3. 2 ( ) 1. 1	- - -	1 9 1. 5 1 8 0. 2 1 1. 4
ing No E B I T n- rec urr f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	( ) 1. 9 ( ) 1. 9 -	( ) 5. 6 ( ) 5. 6 -	( ) 1. 1 0. 3 ( ) 1. 4	( ) 8. 1 ( ) 8. 1 -	( ) 4. 9 ( ) 4. 9 -	- - -	( ) 2 1. 7 ( ) 2 0. 2 ( ) 1. 4
f fe I A S 3 9 e t o E B I T c n f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	( ) 1. 5 ( ) 1. 3 ( ) 0. 2	1. 1 1. 1 -	0. 9 - 0. 9	0. 4 0. 4 -	- - -	- - -	1. 0 0. 3 0. 7
l To ta E B I T f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	4 5. 3 4 0. 8 4. 5	9. 9 7. 5 2. 4	3 0. 6 2 5. 8 8 4.	1 1 4. 3 1 1 4. 3 -	( ) 2 9. 2 ( ) 2 8. 1 ( ) 1. 1	- - -	1 7 0. 9 1 6 0. 3 0. 6 1
l e d i i Ca ta tu p xp en re ia ion iza ion De t & t t p rec am or	3 8 7. 1 6. 9	6 1 5. 1 6. 1	0. 1 7 1 4. 0	2 6. 6 2 2. 7	3. 7 5. 0	- -	9 6 4. 7 4. 6

* Revenues excluding metal

d d f i i C t t H 2 2 0 1 2 o n e n s e s e g m e n n o r m a o n ( ) l l in i ion € m	ly is Ca ta s	En er g y ls ia Ma te r	fo Pe r r m an ce ls ia Ma te r	l ing Re cy c	Co te & rp or a l loc d Un te a a	l im ina io E t ns	l To ta
l s ta t tu To eg me n rno ve r f w h h e l ic te tu o x rna rno ve r f w h h ic in te t tu o r-s eg me n rno ve r	9 0 3. 1 8 9 0. 4 1 2. 7	3 7 3. 3 3 7 0. 4 2. 9	7 3 0. 0 6 5 1. 2 7 8. 8	4, 2 7 5. 2 3, 7 6 7. 5 5 0 7. 6	1 4. 6 1 4. 6 -	( ) 6 0 2. 0 - ( ) 6 0 2. 0	5, 6 9 4. 2 5, 6 9 4. 2 -
l s To ta t r eg me n ev en ue s f w h h e l re ic te o x rna ve nu es f w h h * ic in te t r o r-s eg me n ev en ue s	4 1 3. 4 4 1 3. 0 0. 4	1 8 2. 8 1 8 2. 8 -	2 5 6. 2 2 5 6. 2 -	3 3 9. 2 3 3 5. 0 4. 2	- - -	( ) 4. 6 - ( ) 4. 6	1, 1 8 6. 9 1, 1 8 6. 9 -
ing Re E B I T cu rr f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	2. 2 4 3 6. 4 5. 9	3. 8 2. 0 1. 8	2 3. 7 9. 1 1 4. 6	3 6. 9 1 3 6. 9 1 -	( ) 2 6. 0 ( ) 2 4. 7 ( ) 1. 3	- - -	8 0. 6 1 6 9. 1 7 1 0. 9
ing No E B I T n- rec urr f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	( ) 3. 8 ( ) 3. 8 -	( ) 2 3 4. ( ) 2 4. 3 -	0. 5 0. 9 ( ) 0. 4	0. 2 0. 2 -	2. 4 2. 4 -	- - -	( ) 2 0 5. ( ) 2 4. 6 ( ) 0. 4
f fe I A S 3 9 e t o E B I T c n f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	0. 1 0. 6 ( ) 0. 5	( ) 0. 7 ( ) 0. 7 -	2. 3 0. 7 1. 6	0. 4 0. 4 -	- - -	- - -	2. 2 1. 0 1. 1
l To ta E B I T f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	3 8. 5 3 3. 2 5. 4	( ) 2 2 1. ( ) 2 3. 0 8 1.	2 6. 5 2 0. 7 8 5.	3 1 7. 5 1 3 7. 5 -	( ) 2 3. 6 ( ) 2 2. 3 ( ) 3 1.	- - -	1 5 7. 7 1 4 6. 1 1 1. 6
l e d i i Ca ta tu p xp en re ia ion iza ion De t & t t p rec am or	0 5 1. 1 6. 5	8 4 1. 1 6. 3	8. 6 1 1 4. 5	2 4 1. 2 4. 7	6. 4 5. 3	- -	8. 9 1 5 7 7. 3

* Revenues excluding metal

d d f i i C 2 0 3 t t H 1 1 o n e n s e s e g m e n n o r m a o n ( l l ) in i ion € m	ly is Ca ta s	En er g y ia ls Ma te r	fo Pe r r m an ce ia ls Ma te r	l ing Re cy c	Co te & rp or a l loc d Un te a a	l im ina io E t ns	l To ta
l s To ta t tu eg me n rno ve r f w h h e l ic te tu o x rna rno ve r f w h h ic in te t tu o r-s eg me n rno ve r	1, 0 6 8. 1 1, 0 4 9. 6 1 8. 6	4 0 2. 9 3 9 8. 8 4. 1	7 4 7. 4 6 7 2. 0 7 5. 4	3, 7 7 6. 0 3, 2 5 4. 0 5 2 2. 0	1 5. 5 1 5. 5 -	( ) 6 2 0. 0 - ( ) 6 2 0. 0	5, 3 9 0. 0 5, 3 9 0. 0 -
l s To ta t r eg me n ev en ue s f w h h e l re ic te o x rna ve nu es f w h h * ic in te t r o r-s eg me n ev en ue s	4 6 6. 1 4 6 5. 8 0. 4	1 9 9. 5 1 9 9. 5 -	2 6 3. 2 2 6 3. 2 -	3 0 7. 4 3 0 4. 6 2. 8	- - -	( ) 3. 2 - ( ) 3. 2	1, 2 3 3. 1 1, 2 3 3. 1 -
ing Re E B I T cu rr f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	4 4. 4 4 2. 9 1. 4	1 2. 0 1 0. 3 1. 7	2 8. 6 2 4. 6 4. 0	1 0 2. 5 1 0 2. 5 -	( ) 2 4. 5 ( ) 2 3. 4 ( ) 1. 1	- - -	1 6 2. 9 1 5 6. 9 6. 1
ing No E B I T n- rec urr f w fro h h l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	- - -	0. 6 0. 6 -	( ) 1 3. 7 ( ) 3. 5 ( ) 1 0. 3	0. 4 0. 4 -	( ) 1 0. 1 ( ) 1 0. 1 -	- - -	( ) 2 2. 8 ( ) 1 2. 6 ( ) 1 0. 3
f fe I A S 3 9 e t o E B I T c n f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq u me co mp an	0. 1 ( ) 0. 1 0. 3	( ) 0. 6 ( ) 0. 6 -	( ) 1. 1 ( ) 0. 1 ( ) 1. 1	( ) 4. 5 ( ) 4. 5 -	- - -	- - -	( ) 6. 1 ( ) 5. 4 ( ) 0. 8
l To ta E B I T f w h h fro l ic ing t t o m op er a re su f w h h fro ho d ic i ies ty t o m eq me co mp an u	4 4. 5 2. 8 4 1. 7	1 2. 0 0. 3 1 1. 7	1 3. 7 2 0 1. ( ) 7. 3	9 8. 4 8. 9 4 -	( ) 3 4. 6 ( ) 3 3. 5 ( ) 1. 1	- - -	1 3 4. 0 3 0 1 9. ( ) 5. 0
l e d i i Ca ta tu p xp en re ia ion iza ion De & t t t p rec am or	3 4. 6 1 8. 6	3 4. 0 1 4. 9	1 2. 7 1 4. 4	3 2. 9 2 4. 3	5. 5 5. 1	- -	1 1 9. 9 7 7. 3

* Revenues excluding metal

Note 4: Non-recurring results and IAS 39 impact included in the results

Impact of IAS 39 & non-recurring elements (in million €)	Continuing total	of which: Recurring	Non- recurring	IAS 39 effect
H1 2012
Profit from operations of which income from other financial investments Result of companies accounted for	160.3 0.2	180.2 0.2	(20.2) -	0.3 -
using the equity method	10.6	11.4	(1.4)	0.7
EBIT	170.9	191.5	(21.7)	1.0
Finance cost	(14.7)	(10.2)	-	(4.6)
Tax	(25.7)	(32.3)	5.2	1.5
Net result	130.4	149.0	(16.5)	(2.1)
of which minority share	2.3	3.1	(0.8)	-
of which Group share	128.1	145.9	(15.7)	(2.1)
H2 2012
Profit from operations of which income from other financial investments Result of companies accounted for	146.1 0.8	169.7 0.8	(24.6) -	1.0 -
using the equity method	11.6	10.9	(0.4)	1.1
EBIT	157.7	180.6	(25.0)	2.2
Finance cost	(16.3)	(13.2)	-	(3.0)
Tax	(34.0)	(35.0)	0.2	0.8
Net result	107.5	132.4	(24.8)	(0.1)
of which minority share	2.1	3.0	(0.9)	-
of which Group share	105.3	129.3	(23.8)	(0.2)
H1 2013
Profit from operations of which income from other financial investments Result of companies accounted for	139.0 (3.2)	156.9 (0.4)	(12.6) (2.8)	(5.4) -
using the equity method	(5.0)	6.1	(10.3)	(0.8)
EBIT	134.0	162.9	(22.8)	(6.1)
Finance cost	(11.8)	(11.4)	-	(0.4)
Tax	(30.0)	(33.8)	2.3	1.6
Net result	92.2	117.7	(20.6)	(4.9)
of which minority share	3.1	3.1	0.1	(0.1)
of which Group share	89.1	114.6	(20.6)	(4.9)

Non recurring items had a negative impact of € 22.8 million on EBIT. Restructuring measures accounted for € 11 million, and are mainly linked to the announced closure of Element Six Abrasives' synthetic diamond plant in Suzhou, China. Umicore also booked additional environmental provisions for € 8 million, related to the remediation of historical pollution on site surrounding. Impairments on permanently tied-up metal inventories accounted for € 1 million triggered by lower metal prices, mainly Zinc. The impact of non-recurring charges on the net result (Group share) was € 21 million.

IAS 39 accounting rules had a negative effect on EBIT of € 6.1 million. The impact concerns timing differences imposed by IFRS that relate primarily to transactional and structural metal and currency hedges. All IAS 39 impacts are non-cash in nature.

Note 5: Share based payments

A charge of € 4.3 million was recognised in the income statement in respect of stock options and shares granted to senior executives of the company in 2013.

Note 6: Financial instruments

The € 12.7 million of changes in cash flow hedge reserves consist of € 14.5 million on forward commodity contracts, € -2.5 million currency contracts and € 0.6 million interest contracts.

Note 7: Shares

The total number of issued shares at the end of June is 120,000,000.

Of the 8,113,488 treasury shares held at the end of 2012, 25,300 shares were used for the employee free share program, 260,912 shares were used to honour the exercising of stock options during the period and 758,311 have been bought back. On 30 June 2013, Umicore owned 8,585,587 of its treasury shares, representing 7.15% of the total number of shares issued at that date.

Note 8: IFRS developments

New and amended standards and interpretations need to be adopted in the first interim financial statements issued after their effective date (or date of early adoption). There are no new IFRSs or IFRICs that are effective for the first time for this interim period that had a material impact on the Group, except for the ones disclosed above in Note 2.

Note 9: Contingencies, accounting estimates and adjusting events

The only change in contingencies since the publication of the last annual report relates to the remediation of historical pollution. These contingencies have now been provisioned.

Moreover, there were no changes in accounting estimates and no adjusting or non-adjusting events arose between the balance sheet date and the date at which the interim condensed financial statements have been authorized for issue.

Forward looking statements

This document 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.

Glossary

For a glossary of used financial and technical terms please refer to: http://www.umicore.com/investorrelations/en/financials/glossary.htm

For more information

Investor Relations
Geoffroy Raskin	+32 2 227 71 47	geoffroy.raskin@umicore.com
Evelien Goovaerts	+32 2 227 78 38	evelien.goovaerts@umicore.com
Media Relations
Elcke Vercruysse	+32 2 227 71 29	elcke.vercruysse@umicore.com

Financial calendar

2 September 2013	Ex interim dividend trading date
4 September 2013	Interim dividend record date
5 September 2013	Interim dividend payment date
23 October 2013	2013 third quarter trading update
6 February 2014	2013 full year results publication
29 April 2014	2014 first quarter trading update
29 April 2014	Annual General Meeting

Umicore profile

Umicore is a global materials technology and recycling group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are centred on four business areas: Catalysis, Energy Materials, Performance Materials and Recycling. Each business area is divided into marketfocused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life.

Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean technologies, such as emission control catalysts, materials for rechargeable batteries and photovoltaics, fuel cells, and recycling. Umicore's overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life.

The Umicore Group has industrial operations on all continents and serves a global customer base; it generated a turnover of € 12.5 billion (€ 2.4 billion excluding metal) in 2012 and currently employs some 14,300 people .

A conference call and audio webcast will take place today at 14:00 CET in Brussels. Please visit: http://www.umicore.com/investorrelations/en/financialCalendar/confCall20120730.htm