Audit Report / Information • Mar 26, 2021
Audit Report / Information
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UMICORE
Statutory auditor's report to the general shareholders' meeting on the annual accounts for the year ended 31 December 2020
22 March 2021
We present to you our statutory auditor's report in the context of our statutory audit of the annual accounts of Umicore (the "Company"). This report includes our report on the annual accounts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general meeting of 30 April 2020, following the proposal formulated by the supervisory board and following the recommendation by the audit committee and the proposal formulated by the works' council. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2022. We started the statutory audit of the annual accounts of Umicore before 1993.
We have performed the statutory audit of the Company's annual accounts, which comprise the balance sheet as at 31 December 2020, and the profit and loss account for the year then ended, and the notes to the annual accounts, characterised by a balance sheet total of EUR 5.233.265.063,08 and a profit and loss account showing a profit for the year of EUR 86.475.546,59.
In our opinion, the annual accounts give a true and fair view of the Company's net equity and financial position as at 31 December 2020, and of its results for the year then ended, in accordance with the financial-reporting framework applicable in Belgium.
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet approved at the national level. Our responsibilities under those standards are further described in the "Statutory Auditor's responsibilities for the audit of the annual accounts" section of our report. We have fulfilled our ethical responsibilities in accordance with the ethical requirements that are relevant to our audit of the annual accounts in Belgium, including the requirements related to independence.
We have obtained from the supervisory board and Company officials the explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
A key audit matter is a matter that, in our professional judgment, was of most significance in our audit of the annual accounts of the current period. This matter was addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate this matter.
Provision to cover costs related to the intention to buy houses closest to the Hoboken recycling plant (Belgium) and create a green zone
As disclosed in the valuation rules and in point 1.1.3. A of the directors' report, a provision of EUR 50 million was accounted for to cover costs related to Umicore's intention to buy houses closest to the Hoboken recycling plant and create a green zone. These costs comprise an estimated purchase value of the houses (based on third party appraisal) to be demolished as well as an estimate of demolition and landscaping costs. Concertation with the city council and residents is ongoing and might result in adjustments to this cost estimate.
The matter was of most significance to our audit because the assessment process is complex and involves significant management judgement. Assumptions and estimates used in valuing the green zone provision are, amongst others, related to:
Changes in assumptions and estimates used to value the provision may have a significant effect on the Company's balance sheet.
As part of our audit procedures, we have assessed management's process to define the expected outflow of resources to create a green zone in Hoboken in compliance with the Belgian financialreporting framework.
We assessed the accuracy, valuation and completeness of this provision as per 31 December 2020. This assessment included:
Finally, we focused on the adequacy of the Company's disclosures in the valuation rules and in point 1.1.3.A. of the directors' report of the annual accounts.
We found that management's estimates are reasonable, and Company's disclosures of environmental provisions are appropriate.
The supervisory board is responsible for the preparation of annual accounts that give a true and fair view in accordance with the financial-reporting framework applicable in Belgium, and for such internal control as the supervisory board determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the annual accounts, the supervisory board is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the supervisory board either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the annual accounts in Belgium. A statutory audit does not provide any assurance as to the Company's future viability nor as to the efficiency or effectiveness of the supervisory board's current or future business management. Our responsibilities in respect of the use of the going concern basis of accounting by the supervisory board are described below.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the supervisory board;
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.
The supervisory board is responsible for the preparation and the content of the directors' report, the report on non-financial information attached to the directors' report and the documents required to be deposited by virtue of the legal and regulatory requirements as well as for the compliance with the legal and regulatory requirements regarding bookkeeping, with the Companies' and Associations' Code and the Company's articles of association.
In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors' report, the report on non-financial information attached to the directors' report and certain documents required to be deposited by virtue of legal and regulatory requirements, as well as compliance with the articles of association and of certain requirements of the Companies' and Associations' Code, and to report on these matters.
In our opinion, after having performed specific procedures in relation to the directors' report, the directors' report is consistent with the annual accounts for the year under audit, and it is prepared in accordance with the articles 3:5 and 3:6 of the Companies' and Associations' Code.
In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors' report is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you.
The non-financial information required by virtue of article 3:6, §4 of the Companies' and Associations' Code is included in the directors' report. The Company has prepared the non-financial information, based on the reference framework 'Global Reporting Initiative Standards' (GRI). However, in accordance with article 3:75, §1, 6° of the Companies' and Associations' Code, we do not express an opinion as to whether the non-financial information has been prepared in accordance with the 'Global Reporting Initiative Standards' (GRI) as disclosed in the directors' report to the annual accounts.
The social balance sheet, to be deposited in accordance with article 3:12, §1, 8° of the Companies' and Associations' Code, includes, both in terms of form and content, the information required under this Code, including, but not limited to, in relation to salaries and education, and does not present any material inconsistencies with the information we have at our disposition in our engagement.
Sint-Stevens-Woluwe, 22 March 2021
The statutory auditor PwC Reviseurs d'Entreprises SRL / PwC Bedrijfsrevisoren BV represented by
Kurt Cappoen Réviseur d'Entreprises / Bedrijfsrevisor
Appendix: statutory auditor's report on 30 July 2020 to the supervisory board of Umicore on the statement of assets and liabilities in connection with the distribution of an interim dividend
30 juli 2020
Ter attentie van de raad van bestuur
Wij hebben de beoordeling uitgevoerd van de in bijlage opgenomen staat van activa en passiva (hierna "Staat") van Umicore op 30 juni 2020, op basis waarvan de raad van bestuur van Umicore (hierna "Vennootschap") de uitkering van een interimdividend voorstelt voor een bedrag van 0,25 per aandeel, zoals voorzien op grond van artikel 21, paragraaf 3 van de statuten.
De raad van bestuur is verantwoordelijk voor het opstellen en de getrouwe weergave van deze Staat op 30 juni 2020 in overeenstemming met het in België van toepassing zijnde boekhoudkundig referentiestelsel en het Wetboek van vennootschappen en verenigingen. Onze verantwoordelijkheid bestaat erin een conclusie te formuleren over deze Staat op basis van de door ons uitgevoerde beoordeling overeenkomstig ISRE 2410 en artikel 7:213 van het Wetboek van vennootschappen en verenigingen.
Wij hebben onze beoordeling van de Staat op 30 juni 2020 uitgevoerd overeenkomstig de International Standard on Review Engagements 2410, "Beoordeling van tussentijdse financiële informatie uitgevoerd door de onafhankelijke auditor van de entiteit" (ISRE 2410). Een beoordeling van de Staat bestaat uit het verzoeken om inlichtingen, in hoofdzaak bij de voor financiën en administratie verantwoordelijke personen, alsmede uit het uitvoeren van cijferanalyses en andere beoordelingswerkzaamheden. De reikwijdte van een beoordeling is aanzienlijk geringer dan die van een overeenkomstig de Internationale Controlestandaarden uitgevoerde controle. Om die reden stelt de beoordeling ons niet in staat zekerheid te verkrijgen dat wij kennis zullen krijgen van alle aangelegenheden van materieel belang die naar aanleiding van een controle mogelijk worden onderkend. Bijgevolg brengen wij geen controle-oordeel tot uitdrukking.
Op basis van de door ons uitgevoerde beoordeling, hebben wij geen kennis van feiten waaruit zou blijken dat de Staat geen getrouwe weergave is, in alle van materieel belang zijnde opzichten, van het vermogen en de financiële toestand van de Vennootschap, in overeenstemming met het in België van toepassing zijnde boekhoudkundig referentiestelsel en met het Wetboek van vennootschappen en verenigingen.
Tot slot blijkt dat, op basis van de Staat, de voorgenomen uitkering niet tot gevolg heeft dat het nettoactief, zoals bepaald in artikel 7:212 van het Wetboek van vennootschappen en verenigingen, zou dalen tot beneden het gestorte kapitaal vermeerderd met de reserves waarvan het Wetboek van vennootschappen en verenigingen of de statuten van de Vennootschap vereisen dat ze niet worden uitgekeerd.
PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services Maatschappelijke zetel/Siège social: Woluwe Garden, Woluwedal 18, B-1932 Sint-Stevens-Woluwe T: +32 (0)9 268 82 11, F: +32 (0)9 268 82 99, www.pwc.com BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB / BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
Onderhavig verslag heeft uitsluitend betrekking op de vereisten van artikel 7:213 van het Wetboek van vennootschappen en verenigingen en is niet bestemd voor gebruik in een andere context.
Sint-Stevens-Woluwe, 30 juli 2020
De commissaris PwC Bedrijfsrevisoren BV vertegenwoordigd door
Kurt Cappoen Bedrijfsrevisor
Bijlage: Staat van activa en passiva per 30 juni 2020
| Vaste Activa | 2.928.119.372 |
|---|---|
| Oprichtingskosten | 16.883.080 |
| Immateriële vaste activa | 107.597.002 |
| Materiële vaste activa | 476.075.232 |
| Financiële vaste activa | 2.327.564.058 |
| Vlottende activa | 2.140.477.988 |
| Vorderingen op meer dan één jaar | 463.247.683 |
|---|---|
| Voorraden en bestellingen in uitvoering | 655.026.126 |
| Vorderingen op ten hoogste één jaar | 507.315.877 |
| Geldbeleggingen | 438.152.162 |
| Liquide middelen | 17.356.174 |
| Overlopende rekeningen | 59.379.966 |
| Eigen vermogen | 2.337.182.847 |
|---|---|
| Kapitaal | 550.000.000 |
| Uitgiftepremies | 848.129.766 |
| Herwaarderingsmeerwaarden | 90.952 |
| Reserves | 389.854.924 |
| Overgedragen winst | 471.861.691 |
| Resultaat van de periode | 69.295.888 |
| Kapitaalsubsidies | 7.949.626 |
| Voorzieningen en uitgestelde belastingen | 137.985.788 |
| Voorzieningen en uitgestelde belastingen | 137.985.788 |
| Schulden | 2.593.428.725 |
| Schulden op meer dan één jaar | 1.707.797.384 |
| Schulden op ten hoogste één jaar | 813.576.322 |
| Overlopende rekeningen | 72.055.019 |
| TOTAAL PASSIVA | 5.068.597.360 |
Le 30 juillet 2020
A l'attention du Conseil d'administration
Nous avons procédé à l'examen limité de la situation active et passive (nommée ci-après « Etat ») au 30 juin 2020, incluse en annexe de ce rapport, sur la base de laquelle le conseil d'administration de Umicore (nommée ci-après « Société) » propose, de distribuer un acompte sur dividendes pour un montant de EUR 0,25 par action, tel que prévu par l'article 21, paragraphe 3 des statuts.
Le conseil d'administration est responsable de l'établissement et de la présentation sincère de cet Etat conformément au référentiel comptable applicable en Belgique et au Code des sociétés et des associations. Notre responsabilité consiste à formuler une conclusion sur cet Etat sur la base de notre examen limité, conformément à la norme ISRE 2410 et à l'article 7 :213 du Code des sociétés et des associations.
Nous avons effectué notre examen limité de l'Etat au 30 juin 2020 conformément à la Norme Internationale d'Examen Limité 2410 « Examen limité d'informations financières intermédiaires effectué par l'auditeur indépendant de l'entité » (ISRE 2410). Un examen limité de cet Etat consiste en des demandes d'informations, principalement auprès des responsables financiers et comptables, et dans la mise en œuvre de procédures analytiques et d'autres procédures d'examen limité. L'étendue d'un examen limité est très inférieure à celle d'un audit effectué selon les normes internationales d'audit et, en conséquence, ne nous permet pas d'obtenir l'assurance que nous avons relevé tous les faits matériels qu'un audit permettrait d'identifier. En conséquence, nous n'exprimons pas d'opinion d'audit.
Sur la base de notre examen limité, nous n'avons pas relevé de faits nous laissant à penser que l'Etat ne présente pas sincèrement, dans tous ses aspects significatifs, le patrimoine et la position financière de la Société, conformément au référentiel comptable applicable en Belgique et au Code des sociétés et des associations.
Enfin, il apparaît, sur la base de cet Etat, que la distribution envisagée n'a pas pour effet de réduire l'actif net, conformément à l'article 7:212 du Code des sociétés et des associations, à un montant inférieur à celui du capital libéré augmenté des réserves que le Code des sociétés et des associations ou les statuts de la Société ne permettent pas de distribuer.
PwC Bedrijfsrevisoren BV - PwC Reviseurs d'Entreprises SRL - Financial Assurance Services Maatschappelijke zetel/Siège social: Woluwe Garden, Woluwedal 18, B-1932 Sint-Stevens-Woluwe T: +32 (0)2 710 4211, F: +32 (0)2 710 4299, www.pwc.com BTW/TVA BE 0429.501.944 / RPR Brussel - RPM Bruxelles / ING BE43 3101 3811 9501 - BIC BBRUBEBB / BELFIUS BE92 0689 0408 8123 - BIC GKCC BEBB
Le présent rapport a été établi pour répondre au prescrit de l'article 7:213 du Code des sociétés et des associations. Il ne peut être utilisé à d'autres fins.
Sint-Stevens-Woluwe, le 30 juillet 2020
Le commissaire PwC Reviseurs d'Entreprises SRL représentée par
Kurt Cappoen Réviseur d'Entreprises
Annexe: Situation active et passive au 30 juin 2020
| ACTIF | EUR |
|---|---|
| Actifs immobilisés | 2.928.119.372 |
| Frais d'établissement | 16.883.080 |
| Immobilisations incorporelles | 107.597.002 |
| Immobilisations corporelles | 476.075.232 |
| Immobilisations financières | 2.327.564.058 |
| Actifs circulants | 2.140.477.988 |
| Créances à plus d'un an | 463.247.683 |
| Stocks et commandes en cours d'exécution | 655.026.126 |
| Créances à un an au plus | 507.315.877 |
| Placements de trésorerie | 438.152.162 |
| Valeurs disponibles | 17.356.174 |
| Comptes de régularisation | 59.379.966 |
| TOTAL ACTIF | 5.068.597.360 |
| Capitaux propres | 2.337.182.847 |
|---|---|
| Capital | 550.000.000 |
| Primes d'émissions | 848.129.766 |
| Plus-value de réévaluation | 90.952 |
| Réserves | 389.854.924 |
| Bénéfice reporté | 471.861.691 |
| Résultat de la période | 69.295.888 |
| Subsides en capital | 7.949.626 |
| Provisions et impôts différés | 137.985.788 |
| Provisions et impôts différés | 137.985.788 |
| Dettes | 2.593.428.725 |
| Dettes à plus d'un an | 1.707.797.384 |
| Dettes à un an au plus | 813.576.322 |
| Comptes de régularisation | 72.055.019 |
| 0 | |
| TOTAL PASSIF | 5.068.597.360 |
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